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SFGTV
Mar 31, 2013 2:30pm PDT
to receive an update and focus year 2013 and fourteen. >> out of 4 thousand deficit the plan. >> thank you very much mr. clerk. i call these items a few weeks ago after our 6 week report came out but we are going to see some structural issues moving forward and i'm sure it's going to be a topic of the committee for weeks to come. i want to thank mr. wagner and invite barb garcia >> first thank you for hearing the hearing today, we're going to be challenged this year but also internal and external deficits. so after the first 6 years the department faced large deficits that included both on costs of doing business for the department. for the majority of those proomz we were able to cover some costs and the board of supervisors have continued to be incredible supporters. but we still carry a deficit that was driven by labor costs. during this time we faced reductions and eliminations of programs. so to provide you with a few details for it does cost the department the one 20 and $30 million just to stay the same and those costs are due to pharmacy and medical supplies. those hi
CSPAN
Apr 6, 2013 6:20pm EDT
deficit faster than growing the economy. my budget will reduce the deficit not what spending cuts that hurt students and seniors and middle-class families, but a bounce approach of the american people prefer and an investment -- but a balanced approach to american people prefer and in investment. i have signed $2.5 trillion in deficit reduction into law. my budget will reduce our deficit by nearly $2 trillion more without harming the recovery. that surpasses the goal of $4 trillion in deficit reduction that many believe will stabilize our finance. we'll make the tough reforms required to strengthen medicare for the future without undermining the rocksolid guarantee at its core. we will enact commonsense tax reform that includes hosting loopholes.x loopholes like the ones that allow a billionaire to pay a lower tax rate than his or her secretary. this is the compromise i offered the speaker of the house last year. it is not my ideal plan, but it is a compromise i am willing to accept to move beyond short-term crises driven decision making so we can focus on growing our economy and
SFGTV
Apr 3, 2013 8:00pm PDT
month report. the major causes of the deficit for the department are several. we have a significant loss revenue. we had about $16.2 million budgeted, assuming we would get an enhanced mental health reimbursement through a program pending with the federal government for several years. that was, once again, delayed. so we have a revenue deficit in our budget. we also have weakness in our patient revenues, primarily due to the transition of seniors and persons with disabilities from a fee-for-service reimbursement model to a managed care reimbursement. the impact of that is about $19 million. and then of course at the same time we have our historical structural problem, which is the difference between our budgeted and actual expenditures, primarily on salaries. that amount has grown, and we have not been able to keep pace with our revenues to make up the difference. just a brief update on where we are, the number in the controller's six month financial report was 45.9 million. that was the projected deficit. we have been working since the first quarter financial report to try to bring
SFGTV
Apr 5, 2013 6:00am PDT
appropriation based on our current year deficit for the department of public health. as you all know, we were here last week, and discussed in some depth the history behind our financial challenges, and some of the issues that we have been working with. so i won't revisit all of that. but i'm happy to discuss it further, if you would like. so we'll go through very briefly where we are on overview of the request to end the budget and legislative analyst recommendation. just as context, we have, in the department of public health, a 1.67 billion dollar annual operating budget. of that budget, about $1.2 billion is revenue brought in by the department through patient revenues, grants, other funding sources, and the remainder is general fund. our current year general fund deficit is $31.2 million. this is an updated projection, as also discussed last week, compared to the controller's six month report. the major causes of the deficit for the department are several. we have a significant loss revenue. we had about $16.2 million budgeted, assuming we would get an enhanced mental health rei
CSPAN
Apr 1, 2013 6:50am EDT
that caused the deficit to grow and we had federal government spending -- the newest spending that was -- stimulus spending that was higher than was the case before the recession. >> the recession hit and the debt skyrocketed. what caused the debt to reach a high point russia mark >> -- to reach a high point? >> the american people. we want welfare spending. we won all of the spending of the government spending and we do not want to pay the bill. >> this is like going to the mall with your dad's credit card. it is fun. you go shopping. maybe there are limitations, but in the end you are not the one paying. you have to think of it differently. you are going to the mall with your grandchild's credit card. that is what we are doing with the federal government. we are making these promises to provide programs and benefit that the public demands. we are passing that will two generations. in the their involvement decision process. at itsust attack it core, the largest spending problems. >> the largest spending is in the tax code. we give more tax can raise and cuts to people who do not d
SFGTV
Apr 6, 2013 8:30am PDT
was cut due to -- in order deficit. so at least if we're doing something i'm really wishing and hoamg that san francisco will take ownership and leadership of this project, and be the leader to -- up with other counties. so hopefully we'll get down to this and find out how much was due back to the city. because i'm tired of the continuing to pay back as i have nothing to give back to the city anymore. and also, want to know that the bank not double dipping. they have been triple dipping us. first is the interest from the loan, the swap. secondly as the foreclosers and also the bank has been charging us penalties for being late, and also the increasing our interest, to -- interest rate and also late fee. so the banks are double dipping us for too many years. it is time to put a stop to it and get back what is due back to us. thank you. >> supervisor avalos: thank you. next speaker please. i recognize former supervisor chris daly. >> thank you, supervisors. my name is chris daly, i'm the political director of sciu local and a vested san francisco employee retirement system. when i was s
SFGTV
Apr 6, 2013 9:00am PDT
year budget. but it is our intent to develop a multi-year plan, to bring this structural deficit down so that we don't have to keep coming back before this committee, year after year, asking for a supplemental appropriation of this size. >> supervisor wiener: in terms of the numbers, you indicated about -- i think you said 45 or 46 million. on page -- early in the report, i guess page 4 of the presentation, it states that the current deficit of 341.2 -- 31.2 million is comprised of 16.2 million of delayed approval of reimbursement program. is that a recurring issue, or is that one time? >> that's a one-time revenue. and so there's a portion of it that's ongoing that we do expect to receive. this is retroactive payment for -- that we anticipated for prior years as a catch-up. so that the bulk of that would be a one-time solution. >> supervisor wiener: and then the second bullet, revenue weakness relating to the transition of seniors and persons with disabilities to manage care reimbursement, 19 million, is that recurring? >> that's a recurring revenue. >> supervisor wiener: so that 19
SFGTV2
Apr 1, 2013 4:00pm PDT
current deficit because we in some ways have to by i don't see any long term solution i don't want to continue this pattern. i'm trying to understand where's the most aggressive action to address this issue? >> part of what we're trying to communicate here is we're on the same page it is not sustainable and it's time to reset the way we do things because if present trends continue we go want to be here creating a large hole in the fund every year. as to your point about the concrete plan you will see a concrete plan in the budget. we're working very closely with the mayor's office and internally with the departments. and so in very short orders there will be a set of concrete paroles. we want to be able to look out over the next 5 years we're comfortable in operating in ways that the city's general fund is going to be sustainable in the larger projections for the city's general fund and we're commented to working. >> in this chart it shows for focus year 2013 it shows special i'm i read this right? >> a proposed $37 million special which drops in 2015 to $2.2 million which is never
SFGTV
Apr 5, 2013 6:30am PDT
some ways possibly going to cover the potential deficit of the general fund that we're dealing with today? >> yeah. if these payments were to come in, it would reduce the amount of general fund needed for the department. and i don't want to -- i want to be careful not to overset expectations because these are dollars that we don't have in our hands, and we've only really got three months left of the fiscal year. but, absolutely, if they do come in that would reduce our general fund draw, and we would be very happy if that was the case. >> supervisor mar: and i'm appreciative of supervisor wiener's questions about the structural problem since 2009. in the budget and legislative analyst report on page 8, mr. rose and his staff make reference to the process that the health commission is going to go through within the next two months to have public hearings on suggestions and policy directions for the the department so that we can correct the structural deficit for the future. in those two months, it looks like it's the health commission but also these hearings that input's going to com
SFGTV2
Apr 1, 2013 8:00pm PDT
with this graph the federal budget surplot plus or deficit. obviously it's been some time since we have run anything like a significant budget surplus we went into the recession carrying a farrell substantial deficit and obviously that really ballooned and got much much worse and what we are facing now are really the biggest bulletin deficits that the united states economy has faced since the second world war we are moving in the right direction it's getling smogger and it's still a farrell daunting challenge and this is what was westbound bend the whole fiscal cliff last year and we ended up with an 11th hour deal to avoid the worst of the fiscal live kcliff and i'm not going to read all of the stuff on this slide but basically what we got was tax increases that effect the working poor primarily and the very affluent and not really not much of an impact on the middle class and you can may be have your own political opinions about that but the spending cuts didn't really take much effect at all. the spending cuts are now poised to go into effect march 1st and to make thing more int
FOX News
Apr 6, 2013 7:00am PDT
this is why we've got so much deficit and then they make them permanent. they raises taxes on the rich and everybody gets free pizza. it's not working. and what we're doing is not working and raising taxes further is going to further this economy. >> brenda: what do you think about that? is it going to hurt the economy? >> i think when you look the at the jobs report at that came out yesterday, it proves one thing, we have to continue to invest in this economy and create jobs. and the only way we're going to be able to it do that is if would we finish the job that was start in january, and the tax for top millionaires. >> no, this isn't about free pizza, it's getting us once and for all out of this recession and closing the loopholes, closing some of the retirement tax benefits for millionaires and billionaires, that allow them to put more than 3 million dollars into their retirement accounts. those are things that can help us and take that revenue and make those investments that are necessary to create the jobs. >> that sounds like cyprus. >> that unfortunately weren't created in the
FOX News
Apr 6, 2013 10:00am PDT
internet address. >> my budget will reduce our deficits, not with aimless, reckless spending cuts that hurt seniors and middle class families, but through the balanced approach that american people prefer and the investments that a growing economy demands. >> republican house speaker john boehner seen here with the president last november, said the president already got the tax increases he wanted at the end of last year and now it's time for spending cuts. as for the president's expected cuts to social security growth, speaker boehner said, quote, if the president believes these modest entitlement savings are needed to help shore up the programs there's no reason to be held hostage for tax hikes. that's a way to lead the country forward. and the president is getting criticism from the left flank. bernie sanders who caucuses with the democrats, is urging the president not to cut future social security increases, and many people will be disappointed if the president, caves on the item. >> kelly: and he says it's not his ideal plan. we'll follow the developments. thank you. >> jamie: wha
PBS
Mar 29, 2013 12:00am PDT
to do the deficit reduction in a way that does not make it difficult to come out of the recession. >> rose: do you think these presidential dinners have made a difference? >> i think they can make a difference. providing people go into it with a determination to find solutions. but the bottom line, i believe, is that in order to address the deficit situation that we have at the same time, we stimulate a recovery, we're going to have to do the deficit reduction in a comprehensive, in a balanced way. the word that we use here frequently. and that means that three parts are going to have to all be there together. you're going to have to have some targeted spending cuts. not the kind that we had during the so-called sequestration fiasco but targeted, prioritized, spending. you're going to have to do something on entitlement reformment and here's where the republicans are so far being unwilling to add any part of the third piece which is additional revenues. that's where i think i can make a contribution, charlie. because i'm chairman of this permanent subcommittee on investigations, w
SFGTV2
Apr 1, 2013 5:00pm PDT
6 figure deficit. we haven't expanded any programs and we're taking on more responsibility. and so what i'm asking the board to do is work with our office. i've only come here twice asking for supplemental. so we could keep our staff to stay on. it cost your city $4.3 million. and this is not a threat. >> you make because of our resources agenda in our office. i don't agree the post defender has an incredible responsibility but to suggest that the da is going to say oh, we're not going to prosecute those cases because we don't have enough staff? >> each of those 3 law offices is technique and that includes managing the arouses and the public defender makes decisions you're the boss but to come in and say we're going to swamp our budget because we inside to. >> i made it clear from the very beginning that i'm not going to provide substandard representation. i'm not going to say we're going to do that without investigative support. we've got a caseload of every one of our attorneys we've done the same thing for investigators. if you can show me we have too much staff for our caseload
MSNBC
Mar 31, 2013 5:00am PDT
to take effect in march unless congress can agree on a broader deficit reduction package. president obama said if congress fails to agree on such a package as seems likely he wants to delay the cuts to give lawmakers even more time to hammer out a deal. >> if congress can't act immediately on a bigger package, if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would "rda" the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> on the same day the president spoke the congressional budget office issues -- issued its updated fiscal outlook for the next deck ate and confirmed what a vast body of empirical evidence has told us, austerity has been a considerable drag on growth saying growth, gdp will grow slowly in 2013 because of the fiscal tightening by the federal government that is scheduled to occur until federal law. without that tightening gdp
Telemundo
Apr 1, 2013 6:30pm PDT
. pone en tela de juicio el aumento de los niÑos diagnosticados con el dÉficit de atenciÓn e hiperactividad. el triunfo de las aguilas del amÉrica y la frustraciÓn de los fans de las chivas de guadalajara tras el partido de ayer. la ediciÓn lunes de noticiero telemundo comienza ya. >>> muy buenas tardes, se supone, que ahora, para principio de abril, este listo el proyecto de ley en que vienen trabajando senadores de ambos partidos que buscan upauna re migrator migratia un importante senador republicano, advierte que hay que tomar las cosas con calma. >>> efectivamente, este fin de semana se logrÓ vencer uno de los obstÁculos mas grandes que hay en el camino, hacia una reforma, los sindicatos y la cÁmara de comercio de estados unidos, llegaron a un acuerdo sobre quÉ hacer con el programa de trabajadores temporales. lori montenegro nos explica desde washington. >>> seria un gran avance cuando el grupo bipartidista de 8 senadores presente su proyecto de ley de reforma migratoria. el senador demÓcrata charles schumer dijo que no podrÍa ocurrir, hasta que el grupo de vis
MSNBC
Apr 6, 2013 2:00am PDT
. by tax reform that would close loopholes and tax expenditures and apply it to deficit reduction. >> i think you're right. >> we can do this while we still invest in the future, but you're right, just what you said. you know, you're not going to get this compromise unless everybody's willing to give, everybody's willing to show a little courage and a little compromise and the president's leading by doing so. >> i can follow this, gene, pretty much through having worked on the senate budget committee. i see it getting probably through the senate. you've got enough votes to get it through, i think. then i can see it getting to the house then i see paul ryan carving up his ayn rand theories. and ideologies and all that crazy stuff. if you do the right thing, get it through the senate but in the end the budget process proceeds through may and perhaps into june, you end up having a log jam on the other side. what happens then? what happens then? >> well, let me make a couple points. number one, we were very close with speaker boehner last fall. let's remember, he had $1 trillion of re
CSPAN
Mar 31, 2013 2:25am EDT
about the federal deficit and in role of health care causing the deficit which will not be tolerated for much longer. we are at a fork in the road and are facing tough tresses. this is continue to mount and deficits continue to mount. choice wee face - the face is between rationing and re-engineering. that is not ultimately is solution because it leads to a different kind of on sustainability. that is inadequate health care benefits for most americans. the other option is to re- engineer health care. payment reform is fundamental to that. to do thepossible right thing. , if you will,way through the forest that enables .reativity to thrive the affordable care act has made major progress in that regard. the tool kit of reform is full. master of many of these tools. this it on his desk for the most part. they are numerous, maybe even too numerous and it is his job to sort through them and figure which words of which doesn't carry him reform will be more than critical elements of in this tool box. fund took a crack at thinking about the cost problem. and issued a report a few weeks ago calle
SFGTV
Apr 3, 2013 8:30pm PDT
the department, supervisors, if those funds did not -- were not needed, if there was not this deficit in salaries and overtime, then those revenues would cause the general fund to have -- to need less general fund in next year's budget. so it's -- the bottom line is this is a deficit. and fortunately, there are revenues that can help pay for this. but if they didn't have the deficit, those revenues would fund next year's budget. on page 4 of our report we pointed out the proposed supplemental would appropriate, as has been pointed out, $12.7 million from the state revenue loss in general fund reserves and that's shown in table 1, page 3 of our report. i know the supervisors know this but there are two additional sup premental appropriations pending before the board of supervisors, the public defender's office, 751312 and the sheriff's department 3,458.970. if the board approves it the state revenue loss reserve lch no balance and the general fund reserve will have a remaining balance of 21.3 million. on page 7 of our report, as has been discussed by the committee, fiscal year 09-10 th
FOX Business
Apr 5, 2013 10:00pm EDT
out today with both the left and right crying foul. the president's plan plans to reduce the deficit by almost 2 trillion through a balanced approach to spending cuts, int now refm, and, of course, raising taxes on the wealthy. the details, the very same day the congressional budget office announced that the current deficit for the first half of the fiscal year came in at $601 billion. the president's budget will be released on wednesday. fox news chief white house correspondent ed henry has more in this report. >> president obama has finally brought all sides together over a budget. the left apoplectic over cuts and the right furious about more tax increases. even his own aides suggest he is not sure about the plan. >> not what he would do if he were king or only people who supported his proposal or in congress. it is what he believes is a fair and balanced approach to a deficit challenge. >> the new budget is built around the president's final offer a republican speaker walked away from in the fiscal cliff talks. though he quickly notedoday, in the end of the president got his tax
FOX News
Apr 5, 2013 12:00pm PDT
plan but is an effort to spark a compromise deficit deal. but congressional republicans, including house speaker john boehner say no way. they're already blasting the whole thing, and the president could face an even tougher time selling the social security changes to some of the liberal members of congress, members of his own party, wendell is live. seems like the president is trying to position himself as the voice of reason? >> i think so greg. it's continue with his new term offensive. the budget will be released next wednesday, and that night the president will host another dozen republicannan senators for dinner. the spending plan calls for half the tax hikes of the house plan. the senate budget has none. aides athis is a reasonable compromise. >> this is not the president's ideal budget. it's not what he would do if he were king or only people who supported his proposals were in congress. its what he believes is a fair and balanced approach to the deficit challenge. >> the white house says the burden of cutting the deficit falls on the backs of the poor and middle class. >>
CSPAN
Mar 30, 2013 10:30am EDT
fiscal deficit and the fact the government is spending more than it's taking in and the deficit has become the focal point of all of the economic, this whole crisis about the fiscal cliff now and we are talking about these automatic cuts, the so-called sequester social spending and military spending. so we are not only talking about the fact that what are the tools the government has to promote our return to something like a decent level of employment opportunity and decent wages that isn't even the main discussion so the first thing we need to do is shift the discussion. the fiscal deficit i will say is relatively large starkly but the reason it is largest precisely because we have had the recession when the recession hit that meant people's incomes went down and when their incomes went down that is how much they pay in taxes. to counteract the magnitude of the financial press created by wall street, so that's why we have a big deficit so the point is even with the deficit we do not have a fiscal crisis today we do not have anything to a fiscal crisis and i will give you a statisti
CNBC
Apr 5, 2013 4:00pm EDT
year. we've spent trillions of dollars on stimulus, some would call it deficits. and for the last four years, there's been boatloads. and after all of that, we get a jobs number like this. and the discussions are still that something politically created like the sequester was never supposed to fall into place, because the democrats thought the republicans would cave on defense, and they made it messy, that something like that could actually derail a 15.5, $16 trillion economy. what that says to me in english is, our economy is a lot weaker than people think. and as far as interest rates being right or wrong, i think they're mostly right. but keep in mind, we forget something. that we have weak china, we have weak japan, we have weak europe. we have a fed that isn't only pushing stocks up by its programs, but it's buying treasuries and it owns a lot of treasuries. so in the little real movement we have in interest rates on a day like today, i think you could really see that interest rates haven't gone up, partially for all those reasons, because it's just too weak out there. and it
MSNBC
Apr 5, 2013 1:00pm PDT
president's plan is serious about deficit reduction as you know. nearly 80% of the president's savings comes through spending cuts, producing $1.8 trillion in deficit reduction over ten years. $4.3 trillion in total deficit reduction since 2010. the fact that republicans reject it proves they're not serious about what they claim is their most passionate purpose which is deficit reduction. >> well, that's exactly right. and also, you know, the ryan budget has, its goal is deficit reduction or elimination in ten years. it won't accomplish -- >> congressman, let's not even reference that pile of cack. that wouldn't achieve anything. >> that's right. the point is the budget has to deal with income inequality. the shrinking middle class. the crumbling infrastructure. >> that's right. >> the weakening educational system we have in this country. >> that's right. >> and the president is reiterating that over and over again, and actually there's a struggle here about whether the budget is going to be used as something as proactive in pro-growth, with some acknowledgements that the stron
FOX News
Mar 30, 2013 2:00am PDT
the economy, that really hit home with me. and that's about the deficit. $16.5 trillion we have. >> that is a number that is so mind-boggling. that's why i said if you counted one number, one number per second, it would take you 507,000 years. more than half a million years. it's a number that's just staggering and it's continuing to grow. you know, we sit around and we talk about maybe we can keep it from growing further. we need to reduce it. and the way to reduce it obviously is to get the economy growing again. you know, it doesn't really do any good to keep taking from this tree or that tree and squeezing it down. you know, i talked -- i like parables so in the book i give a parable of two identical brothers. they are put on deserted islands with their families. one had the philosophy -- they only ate trees and products of trees. one had the philosophy i'm going to eat what i need and i'm going to let the others grow. pretty soon he had an entire forest and another enough food for everyone. the other, as soon as a sampling came up he was on it and was eating it, and he and
KRON
Apr 6, 2013 7:00am PDT
approach will provide long- term deficit reduction without harming the economy. in his weekly address, mr. obama says that he's willing to compromise to move beyond what he calls "a cycle of short-term, crisis- driven decision-making." >> i would like to reduce our deficits not with just reckless deficits cots but with what the americans prefer and with the investments that the americans prefer and we want to rebuild this economy on a rebuilding could middle- class jobs and we have to make smart choices. this week i will send a budget to congress that will help to bat with a physical responsibility for the middle pius growth. the president says he intends to reduce deficits while providing new spending for public works projects, early education and job training. the budget will be released next week. it also included deep cuts to the pentagon. but what is really raising eyebrows.a proposed cut to how social security benefits are calculated. the proposal is not sitting well with democrats. the president also hoped to compromise with republicans by getting some tax increases.. in the republ
Current
Apr 1, 2013 3:00am PDT
-term to boost economic growth and touch on long-term deficit reduction and structural reform. >> no one seems to recognize or very few people we have been in austerity mode for several years, a deficit of did 1.4 trillion to what the budget office things will be 180. >> that's a $600 billion reduction in economic provided provided by the federal government and corporations aren't spending, consumers aren't spending state and local governments aren't spending and trade isn't helping at all. so that's why the job situation, and i mean so you can be happy about the stockmarket but the policy response is zero. >> it will be interesting, too if you looked back at the news stories from the summer of twooefb when they were debating the public or the budget control act because if you work for a foreign news wire and they referred to it as austerity mezof yours and i don't know if you saw that in "the new york times," in the washington post in major u.s. news. >> i was writing for roll call and i didn't see it. >> i am going to ask you stan so what impact? the stories today about the airline
MSNBC
Apr 5, 2013 4:00pm PDT
would close loopholes and tax expenditures and apply it to deficit reduction. >> i think you're right. >> we can do this while we still invest in the future, but you're right, just what you said. you know, you're not going to get this compromise unless everybody's willing to give, everybody's willing to show a little courage and a little compromise and the president's leading by doing so. >> i can follow this, gene, pretty much through having worked on the senate budget committee. i see it getting probably through the senate. you've got enough votes to get it through, i think. then i can see it getting to the house then i see paul ryan carving up his ayn rand theories. if you do the right thing, get it through the senate but in the end the budget process proceeds through may and perhaps into june, you end up having a log jam on the other side. what happens then? what happens then? >> well, let me make a couple points. number one, we were very close with speaker boehner last fall. let's remember, he had $1 trillion of revenues on the table as part of a deal with serious entitlement sav
FOX News
Apr 4, 2013 1:00pm PDT
deficit neutral. but this new recall adds to a stake of paper, 20,000 pages tall. so this is going to be an additional expense, not just in the first ten years of obamacare but forever on out. the government accountability office says it will add $6.2 trillion to the national debt because of these. in 2010 the average health insurance sales job was $22 an hour. >> these navigators could earn up to 100,000 a more per year. let me ask you this. looks like they'll be going to the community activists and unions to hire these people. i'm saying, that looks fishy to me. >> i hopthere's no preferential treatment when it comes to hiring but these are jobs that month in the private sector. if we want to look at this from a 30,000-foot view, this is a clear indication that when every health insurance agent in the country is renamed a navigator and goes to work for the federal government, we have a government monopoly on the sale of health insurance, and it should be concerning for all of us who want a private exchange. >> obamacare creating jobs after all. thank you very much. i. >> remember wh
CSPAN
Mar 31, 2013 7:00am EDT
20 years from now and is it different this time? it probably is. it isn't driving the deficit right now but it will soon. because we'll have to take money out of the trust fund at a very high rate. and on an accounting basis it might not look that way. in reality touf come up with the money. but some of the things -- guest: question for you. guest: you are taking out more than you're putting in. that is a problem. guest: but is it also a problem we're only taxing people by taxing -- guest: you can solve the problem by raising the cap and that will give you a solution temporarily. but you cannot run a civilized society where people go to school until they're 25 and retire at 65 and live another 20 years. it doesn't work. guest: people don't retire at 65. guest: and social security isn't acknowledging that. it lets people take the pension whether they're retiring or not. guest: that's not social security that's congress. irgetsdz and what i'm getting at is that the solution there that the big elephant in the room that nobody wants to address is really generally raising the retirement
FOX Business
Apr 5, 2013 4:00pm EDT
171-point deficit it down about 0 points. doesn't that show there is this unrelenting momentum for buy in this market? >> well, think it is certainly supportive, dave. to sugar coat today's number but at 80,000 but if you look over the trailing three months, it is 168,000. work week expanded a little bit. average hourly earnings were flattish. this in of itself is does not necessarily indicate a pattern but certainly it is worrisome. that said the bias seems for the moment for the market to work higher and very much in a show-me state relative to deterioration that some on the more bearish side are worried about. david: adolfo, let's get to the bearish news. job numbers, no way to sugar coat them. they were bad numbers. a down-tick in the overyou will unemployment rate because people left the workforce. you said don't expect the jobs market to do much better in the nerm near term. explain why. >> well, i think there will are two fundamental reasons. one is the short term and one is a longer term. short term there is still a lot of policy uncertainty that makes businesses extremely
CSPAN
Mar 31, 2013 11:00pm EDT
time of global growth and not just the united states, fiscal deficits. about 3% of gdp. became more indebted. third world countries who use discipline to turn themselves around. the fiscal surpluses during that time. the country in particular, the story that really resonates. in 2008, again coming out of this record time of global growth between 2002 and 2007 experienced a boom due to a developing commodity prices, copper and particular. there is enormous pressure on the is trillion finance minister to spend the surplus to give it back to the people. he resisted that pressure. said no, this money is for rainy day. did not use his exact words, but that is what he said. of course read a financial crisis. in the deaths of the financial crisis in chile had socked away billions of dollars that allowed it to then enter a $4 billion tax cut to stimulate the economy to provide for a buffer exactly as we learned economics 101 called countercyclical fiscal policy. no more complicated than the story of the internet grasshopper. third world dance, first world grasshoppers. that's discipline. cl
SFGTV2
Apr 3, 2013 12:00pm PDT
11 really is. >> we are in our fifth year of major budget deficits. it is inevitable that we will make painful cuts. so how do we do it in a way that will minimize the impact on every day san franciscans? >> i really appreciate what you're doing here. you are a really patient gentleman, and i appreciate that. >> our parks are often cut first. how do we maintain our safety net, public health services, security services? all of these are critical decisions that have to be made. >> i have seen many people come forward today who i know whose lives have changed because of the services we are providing. that is something that we can be proud of and have a as a goal at the budget process to make sure that we can turn lives around and create a liveable communities. >> if we do not resolve the pension issue, we will have to cut. we will see fewer options for muni. we will see the parks deteriorate. i think the tide is rising. we have to figure out how to swim very quickly. >> to address these concerns, i have made a series of amendments to the resolution that capture the spirit of the poli
CSPAN
Mar 30, 2013 7:00am EDT
on a regular basis to put it back into the lock box. our $1 trillion deficits are going to be $1.50 trillion deficits. thank you very much. host: let me throw something. the president mentioned an infrastructure bank in his proposal. here is one tweet -- what are your thoughts? a man in theave presidency who does not know what his job is. his job is to run the government efficiently. he is not running the government efficiently. he spends an waste all of our time and money talking to us, let train us what we should do. we do not need a lock box. we need the government to get out of the road business. all of the roads are in a state. the money to the state. let the states spend money on their own roads. i live in pennsylvania. on our line for independents. go ahead, george. caller: i would also like to comment on the issues you raised this morning. for 10 years for a company that was non-union. they had put me to work on federal and state and city roads, school systems, hospitals, etc.. for thisas working noticular company, i was unionized. they weret to me, putting me under, they we
MSNBC
Apr 3, 2013 3:00am PDT
been focused on public service and i've been focused specifically on the deficit and the debt and entitlement programs and he sat there going, i can't believe i did this to myself. i can't believe i took myself off the playing field at this criminal ti critical time. he is back on it and the issue is even bigger. >> we will be following that and talking to him this morning. certainly should be fascinating. >>> we have new polling out. for the first time ever, "morning joe" has teamed up with merist on the biggest issues facing the country. the poll finds 53% said it was more important to gun laws than gun rights. 44% sided with gun rights. 6 our 10 say gun laws soo should be stricter and 33% say gun laws should stay the way they are. more people oppose assault weapons ban. 87% support the idea for private sales and for gun shows. >> you go inside the numbers, john heilemann, though. 87% support background checks. we have asia hutchinson we will be talking about a little bit with the nra saying that is a possibility, background checks for individuals is a possibility. but you look
CNBC
Apr 5, 2013 4:00am EDT
years of just simply accumulating deficits. >> another month of stet steady job gains are seen boosting the u.s. economy even if washington plans to tighten its belt with further budget cuts. >>> and the european stocks hit a one-month low. >> plus, samsung is forecasting a 50% profit jump for the first quarter. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> all right. now, it may be easter week, but there's enough for you to look at. >> enough view? >> enough for you. >> enough for me to look at? >> yes. >> what do you mean? >> volatility, there's -- >> oh, i see. plenty going on. it's very busy. for a short week, it's felt like one of the longest weeks, despite the fact that it's only been four days. look at some of the trading session charts. >> 32 to 65 yield range day. >> especially when you have a yield that's that low. it magnifies what we're talking about. >> let's remind you of what is on today's show. plenty to get to. we'll speak about the ongoing fiscal crisis in italy. she says a return to the polls in the coming mon
CSPAN
Mar 30, 2013 6:30pm EDT
be $500 billion smaller than it is now. we have made a significant contribution to deficit reduction within our own context. the sequester will be a further 5% reduction in our funding. it hurts, but we understand that we have got to be fidgeting to the solution. solution.contributing to the >> everyone points to the point that mitt romney made in his campaign, i love the bird, but i will cut your funding because of the crisis with the deficit the u.s. is currently facing. -- he hadr romney his facts wrong if i could put it bluntly. has beentreet" remarkably successful in generating private funding and going global and sore fo forth. it is not a matter the government sustaining "sesame street." it is about whether "sesame street" can reach every american home. 90 milliones the preschool students we have been able to get ready to learn over the last 40 years. innerf them are from cities and rural america and so forth. getting them ready with language skills and math skills is made asame street" difference and getting students ready for success in school and in life. it is no
MSNBC
Apr 4, 2013 12:00pm PDT
trillion in debt. instead, the plan will put the country on a path to more deficit reduction. even a perfectly balanced budget doesn't mean the economy is in shape and in recovery. that is the argument our friend matt miller lays out in his new piece in the "washington post." always nice to have you. we'll start with your article which focuses on california as an example of larger budget problems. do tell. >> well, first, i have to say, the idea that reince priebus is saying the president is a hypocrite for raising money from the rich. he is being much more courageous than the republicans are. the republican fundraising machine is like an out and out kickback. >> it is about self-interests. they cut taxes on the top and then just get a little rebate in campaign contributions. obama is asking for money to fund campaigns, which is the way our system still works today. and he is doing it with people whose taxes he has raised. that takes a little more courage. >> i agree. tell us about your article. >> i just had to get that off my chest. >> nice, nice, good. >> just cut into your open t
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